Mortgage deals disappearing faster than ever

The average shelf-life of a mortgage product has dropped to 15 days, the lowest in six months, according to Moneyfacts, down from 28 days at the start of last month. This week alone, five lenders announced rate hikes, including several of the UK's largest banks. Santander, NatWest, the Co-op Bank and Principality Building Society upped rates with Halifax increasing some of its rates from tomorrow. Nicholas Mendes, mortgage technical manager at broker John Charcol said: “Mortgage rates are continuously being repriced even to the extent, we've seen lenders reprice twice in a week, with some lenders providing little to late notice of a rate change.” He added: “Mortgage brokers have called for a 24-hour rate notice pledge to help ensure clients are able to secure the best deal, which encompasses consumer duty. Unfortunately, mainly building societies have agreed with only NatWest being the only high street lender recently pledging to the 24 hours or provide as much notice as possible.” 

Daily Mail (13/03/2024)